Brazilian stocks also rose, gaining for the third straight session following better than expected Chinese economic data, though shares of chemical maker Braskem SA dropped after the company said it is renegotiating a key contract.

Mexico's IPC index posted its biggest one-day gain since the end of November on optimism over an energy reform bill, which would open up the world's No. 10 oil producer to private investment by allowing lucrative contracts.

The unexpectedly market-friendly bill, which would let private firms partner with ailing state oil firm Pemex via profit-sharing, risk-sharing and service contracts as well as licenses, is expected to be voted on shortly.

Shares of Braskem, Latin America's largest petrochemical firm, fell nearly 5 percent after the company said on Monday that it is in negotiations with Petrobras, its main naphtha supplier. A source with knowledge of the situation told Reuters that Petrobras is looking to pass on some of its higher costs to Braskem when the contract, which expires early next year, is renegotiated.

Mexico's IPC index rose 0.87 percent to 42,289.23.

Shares of telecommunications firm America Movil, controlled by billionaire Carlos Slim, rose 1.18 percent, contributing most to the index's gains, while miner and infrastructure company Grupo Mexico, which is seen as a key beneficiary of the energy reform, advanced 3.07 percent.